CIRCUIT COURT OF THE UNITED STATES For the Eastern and Western Districts of Virginia. FOURTH JUDICIAL DISTRICT. FRANCIS SKIDDY, WM. BUTLER DUNCAN AND SAMUEL L. M. BARLOW, Trustees, — Against — THE ATLANTIC, MISSISSIPPI & OHIO R. R. CO. J To the Honorable, the Judges of said Court : Your Receivers, herewith, respectfully submit this their second Annual Report of the operations of the A., M. & O. R. R., embrac- ing the period from July ist, 1877 to J une 3°th, 1878. The following statements show the result of such operations: 1. Receipts and Disbursements from June 13th, 1876 to June 30th, 1878. 2. Receipts and Disbursements from July ist, 1877 to June 30th, 1878. 3. Receivers’ Liabilities and Resources, June 30th, 1878. 4. Divisional and A., M. & O. Bonds on hand and outstanding as collateral, June 30th, 1878. 5. Summary of Earnings and amounts charged to Maintenance, Renewals and Further Construction, from July ist, 1877 to J une 30th, 1878. 6. Earnings, in detail, from July ist, 1877 to June 30th, 1878. 7. Expenses, in detail, from July ist, 1877 to June 30th, 1878. 8. Amounts charged to Renewals and Construction, from June 13th, 1876 to June 30th, 1878. 9. Comparative Statement of Earnings, by months, for the years ending June 30th, 1877 and June 30th, 1878. 10. Comparative Statement of Expenses, by months, for the years ending June 30th, 1877 and June 30th, 1878. 11. Comparative Statement of Passenger Transportation for the years ending June 30th, 1877 and June 30th, 1878. 12. Comparative Statement of Tonnage Transportation for the years ending June 30th, 1877 an d J une 30th, 1878. 13. Statement of the character and amount of Freight transported over the A., M. & O. R. R. during the year ending June 30th, 1878. 25 1 s 2. receivers’ annual report. 14. Statement of the Quantity and Description of the Motive Pow(k in the -service of the A., M. & O. R. R., June 30th, 1878. 15. Statement of the Quantity and Description of Rolling Stock On hapd June 30th, 1878. 16. Expenses for Maintenance, Cost of Working and Service of I < Motive Power during the year ending June 30th, 1878. 17. Expenses for Maintenance, Cost of Working and Service of Rolling Stock during the year ending June 30th, 1878. 18. Mileage of Trains. 19. Expenses per Train Mile. RECEIPTS AND DISBURSEMENTS. It will be seen by Statement No. 2, that the cash balance on hand June 30th, 1877, was $ 50,951.32 There has been received during year, from all sources, . 1,880,854.57 $1,931,805.89 And expended, 1,872,669.38 Leaving cash balance on hand June 30th, 1878, . . . $ 58,836.51 RECEIVERS’ LIABILITIES AND RESOURCES. The Receivers’ liabilities, including the interest due July 1st, 1878, on the Divisional Bonds, and the balance due on account of the un- assigned back labor claims, exceed their resources by the sum of $192, 3 10 . 62; but it will be observed, by reference to Statement No. 3, that the Divisional Bonds on hand and outstanding as collateral in the hands of holders of Receivers’ Certificates, have not been includ- ed in the Resources. During the past year the Company’s indebtedness has been reduc- ed by the payment of the following amounts: Amount of unassigned back labor claims, #32,583.50 On account of interest on Divisional Bonds, due prior to July 1st, 1876, (principally unfunded interest of Jan- uary, 1874,) 39,905.27 On account of secured floating debt, for which Receivers’ Certificates have been issued, 10,000.00 On account of the Company’s bonded debt: Old South Side Third Mortgage Bonds, $2,000.00 Va. & Tenn. Income “ “ 500.00 A., M. & O. Int. Funding 8 per ct. Note, 350.00 2,850.00 Total reduction, #85,338^77 receivers’ annual report. 5 Owing to the large expenditures necessitated by the Great Flood of November, 1877, your Receivers have been compelled to defer the payment of the Back Labor Pay-Rolls for December, 1875, an d Jan- uary and February, 1876, amounting to $78,635.37 of unassigned claims. It is hoped that these rolls can be discharged during the present year. The payment of interest on the Divisional Bonds, due July 1st, 1877 and January 1st, 1878, was commenced on October 1st, 1877 and March 1st, 1878, respectively. There has been paid on this ac- count the sum of $355,330.71. The interest on Divisional Bonds, due July 1st, 1878, can be paid after October 1st, 1878. A., M. & O. AND DIVISIONAL BONDS. In obedience to the order of Court, dated November 24th, 1877, as amended February 5th, 1878, certain securities therein described, and formerly held by the Union Bank of London and by Duncan, Sherman & Co., have been deposited with the Baltimore Safe Depos- ite Company. Statement No. 4 shows the number, description and amount of securities so deposited. Under the order of Court, dated December 28th, 1877, authoriz- ing the Receivers to extend, with the consent of the holders, certain past due divisional bonded obligations, there have been extended, for ten years from January 1st, 1878, $212,000 eight per cent, and $134,000 seven per cent. First Mort- gage Bonds of the Norfolk & Petersburg Railroad Company, leaving $117,000 of these past due obligations which have not been extended. EARNINGS AND EXPENSES. The Earnings during the year have been : From Passenger Trains, $ 447,202.96 From Tonnage Trains, 1,321,472.9 6 From miscellaneous sources, 13,034.10 $1,781,710.02 And the Expenses for operating, including taxes and law fees, 1,074,745.36 $ 706,964.66 For Renewals, #220,075.45 For Further Construction, 56,755.49 276,830.94 Leaving a net Revenue of $ 430,133.72 receivers’ annual report. Ratio of operating expenses, including taxes and law fees, to earn- ings, 60x0 per cent. Ratio of expenses, including renewals, taxes and law fees, to earnings, 72/0 per cent. A comparison with the results of the preceding year shows a de- crease in the earnings from passenger trains of #23,077.09, and from miscellaneous sources #551.31; and an increase in the earnings from tonnage trains of #64,499.80, making the net increase in earnings during the year, #40,871.40. The decrease in the earnings from passenger trains is largely due to the fact, that during the early months of the preceding year, the earnings from passenger trains were increased by the “Centennial travel,” The expenses of operating show an increase of #34,346.46, a re- sult due to the floods of October and November, 1877, which involv- ed an expenditure of #56,086.69, which amount has been charged to operating expenses, under the head of “Accidents.” But for these floods the expenses for the year would have shown a decrease of #21,740.23. ROADWAY, TRACK AND BRIDGES. During the past year, your Receivers have endeavored to maintain the Road in good condition and to continue their efforts to substitute permanent for temporary structures, having due regard for a proper economy and for the requirements of the Company’s traffic. The reduction of the cost of transportation to a minimum, with the view of developing the local resources of the Railroads as well as to permit the exchange of commodities between distant markets, consti- tutes one of the most important features of the Railroad problem of the day, the solution of which, must be accomplished, in great part, by putting and maintaining the Railroads in first-class condition, thus avoiding expensive accidents and the heavy cost of frequent renewals of iron rails and temporary structures. Since July 1st, 1877, 5,090 ^ tons (equal to 5 8 f 0 miles) of new steel rails have been put in the track, making 10,590 g, tons, or 121 x 6 0 miles since the Road has been operated under the direction of the Court; also, 246,122 cross-ties (making 495,446 cross-ties put in track since June 1876), and 65,853 cubic yards of ballast. There are now in the main track 150 j 6 0 miles of steel, 27 10 miles of old U, 42 miles of unrolled fish-bar rail and light T, i 87 x 6 0 miles of English fish-bar iron, of which latter, 73^ miles are in the track of the N. & P. Division. Most of this iron is wearing out rapidly, and should be replaced by steel as rapidly as the Company’s means will permit. receivers’ annual report. 7 10,312 lineal feet of side tracks have been laid during the year. Considerable work has been done in raising the roadway above high-water level, in protecting embankments against the strong cur- rents of mountain streams by means of stone revetments and retain- ing walls; 226,802 cubic yards of earth and 4,844 cubic yards of rock have been taken from ditches, borron pits and slides and used in raising and widening embankments, making embankments in place of temporary trestle works, etc. It will be seen that large expenditures have been made during the year in renewing bridge superstructure and bridge masonry : 525 lineal feet of wrought iron triangular truss, 1,296 lineal feet of composite, 764 lineal feet of iron plate girder and 970 feet of pile and stringer bridges have been built during the year ; also, 6,566 perches of new masonry, including 8,066 cubic feet of cut stone coping. During the latter part of November, a great flood caused the de- struction of two of the Company’s bridges over James River, — one at Lynchburg, the other about 1% miles below. The former has been rebuilt entirely of wrought iron. It consists of five spans, aggregat- ing in length 525 feet, and has been designed with a view of resisting the action of strong currents and floating material. The floor of the bridge has been raised above high-water mark and the superstructure firmly secured to the masonry. In rebuilding the composite triangular truss bridge over James River, 1 y 2 miles below Lynchburg, nearly all of the iron work of the old structure has been utilized; the bridge has been greatly strengthened, its floor^ raised, and another span has been added in order to increase the water-way, and prevent the washing away of the embankment ap- proaches. The wooden Howe Bridge over New River, on the Va. & Tenn. Division, consisting of six spans 126 feet each, is now being replaced by a substantial wrought iron triangular truss bridge. All the new bridges on the Va. & Tenn. Division are designed to carry two “Con- solidation Engines” weighing 140,000 lbs. each, coupled together, and to a train of freight cars. While the bridges on the Va. & Tenn. Division are in a safe condi- tion, many of them are mere temporary structures which should be replaced by works of a more permanent character as soon as possible. BUILDINGS— WATER-STATIONS. The buildings are in good repair, with the exceptions noted in our 8 receivers’ annual report. last report (the depots at Norfolk and Bristol). A new freight depot will have to be built at Norfolk during next year. Eight new water tanks and one new pump house have been built during the year ; three new pumping engines have been purchased. The wharf at City Point has been rebuilt. EQUIPMENT. Statement No. 14, shows the number of locomotives owned by the Company. Four locomotives have been condemned and two have been added during the year, — one, No. 17, a tonnage locomotive, re- built at the Company’s shops at Lynchburg, the other, No. 33, for the passenger service, rebuilt at the Company’s shops at Petersburg. The passenger trains have been equipped with the Westinghouse Automatic Air Brake. The passenger cars are in a fair condition. The freight cars have been kept in good repair, — twenty new stock and twenty new box cars, built at the Company’s shop at Petersburg, have been added during the year. The operation of the Iron Foundry, established by the Company some years ago, in connection with their shops at Petersburg, has greatly facilitated the work of repairs and construction of rolling stock and bridge superstructure. During the past two years 627 tons of small castings and 3,839 wheels have been made at the Company’s foundry at a considerable saving in cost. TRAFFIC. Number of Passengers transported during the year, . . Number of Passengers transported one mile during the year, Number of Tons of Freight transported during the year, Number of Tons of Freight transported one mile during the year, Amount received per local passenger per mile, Amount received per through passenger per mile, .... Average amount received per passenger per mile, .... Amount received per ton per mile of local freight, . . Amount received per ton per mile of through freight, . Average amount received per ton of freight per mile, . . Number of miles run by passenger trains, Number of miles run by freight trains, Earnings per mile of Road (main line and branches), . . Earnings per passenger train mile, 1 49 ? 5 7 7 9.470.228 340,866 70.797.576 3- 76 3.01 3-55 2.64 1.29 1.86 43 8 > 97 x 801,685 $4,162.88 102. 79 • receivers’ annual report. Earnings per freight train mile, Average earnings per train mile, Expenses per passenger train mile, including renewals, . Expenses per freight train mile, including renewals, . . . Average expenses per train mile, Expenses per mile of Road, Comparing these results with those of the preceding year, it will be seen that the passenger transportation during last year, show's a de- crease of 12,064 passengers, and 914,443 passenger miles, a result due to the Centennial travel of 1876. The local tonnage of the Road during the year, shows an increase of 5,785 tons, and 3,867,866 ton miles, and the through tonnage of 775 tons, and 2,430,482 ton miles, the total increase of tonnage being 6,560 tons, and 6,298,348 ton miles. Your Receivers have given their careful attention to the adjustment of the Company’s local freight tariff, with the view of meeting the requirements of this important traffic. The great decline in the mar- ket value of many products of the country has necessitated a further reduction of the tariff rates on certain articles of freight, such as wheat, corn and other grains, tobacco, stock-cattle, coal, salt, pig- iron, minerals, &c. Owing to this reduction, the average rate received per ton per mile on local business during 1877-’ 78, was £ cents (equal to 8 f 0 P er cent.) less than the rate received during the preceding year. With some ex- ceptions, the rates on westward through traffic have been well main- tained during the year ; the average rate per ton per mile on this traffic was 1 / 0 cents, about 15 per cent, higher than the rate received during the preceding year, a result due, in a great measure, to the termination of the “War of Rates” between the so-called Trunk lines, to which reference was made in our last report. The rates on eastbound through traffic have been exceptionably low during the year ; the average rate per ton per mile was iJ 0 cents. A considerable amount of business has been declined on account of unremunerative rates, resulting from unrestrained competition. Very low rates of freight must necessarily obtain on competitive traffic whenever the facilities of transportation offered by Railroad and Water lines are largely in excess of the demand. In other commercial pursuits the evils resulting from over-produc- tion are, from time to time, remedied by a self-adjusting process, pro- duction being lessened until a healthful equilibrium is established be- 165.96 143. 61 86.41 1 14.04 104.37 3 >° 2 5- 2 9 10 receivers’ annual report. tween supply and demand, when a fair profit may be realized. It is obvious that such a self-adjustment cannot take place in the case of Railroads competing for any particular traffic ; being once construct- ed, the Railroads must be operated, and the duller the times, the more desperate is the struggle for competitive traffic, and the lower the rates at which the service has to be performed. Unrestrained competition nearly always results in unequal rates and unfair discriminations, alike detrimental to the interests of the Rail- roads and of the people. As the conditions under which this traffic is conducted do not ad- mit of the operation of a self-adjusting process, Railroad managers should endeavor to regulate the-through tariffs on competitive business with the view of avoiding the evils of unrestrained competition The problem, how best to accomplish this object, is very complex, and no satisfactory solution has as yet been found for it. Efforts to regulate through tariffs by means of agreements between the competing lines, pools, combinations, or an actual division of the business, have only been partially successful. During the year ending June 30th, 1878, 217,236 bales of cotton have been transported to Norfolk over the A., M. & O. R. R., in- cluding 56,120 bales for shipment direct from Norfolk to Liverpool, an increase of 19,104 bales, or 51 per cent, as compared with the di- rect shipments made during the cotton season of 1876-’ 77. The manner in which this business has been conducted has given satisfaction to the patrons of our through line. The shipments direct from Norfolk to Liverpool would have been much larger, but for the inadequacy of the facilities of ocean trans- portation from Norfolk. Most of the cotton was forwarded by sail. A regular line of steamships between Norfolk and Liverpool would more fully develop this important traffic, and enable us to compete successfully with rival transportation lines. Efforts to establish such a line are now being made. It is gratifying to observe that Norfolk is steadily gaining in im- portance as a cotton port. During the season of 1876-’ 77, the total exports direct from Norfolk amounted to 116,855 bales, and during 1 8 7 7 ~ 78, to 159,357 bales; an increase of 42,502 bales, or 35 per cent. This business is yet in its infancy. The A., M. & O. R. R. and its western connections are largely interested in this business, and their managers will doubtless continue to render efficient aid in its further development. receivers’ annual report. 11 The increase in the Company’s revenue from tonnage business, du- ring a period of great prostration of the business of the country, and notwithstanding the low rates of freight that have prevailed, is an evidence of the advantages this Road derives from its geographical position, that must be gratifying to all who are interested in its future. As the embarrassed condition of its finances is due to the great crisis of 1873, it may not be unreasonable to expect that a revival of the business interests of the country, and especially the development of the rich mineral resources of south-western Virginia, will so far restore the revenues formerly enjoyed by the Company as to enable it to meet all of its obligations. MISCELLANEOUS. In order to meet the wishes of the U. S. Post Office Department, a fast mail and passenger schedule was put in effect early in June, 1878, by the Great Southern Mail Route between New York and New Orleans. Although it is generally admitted by persons competent to judge, that the Railroads which furnish and run Postal cars have at no time been allowed a fair compensation for transporting the U. S. Mail, Congress, at its session of 1 876—’ 77, passed a law reducing, indis- criminately, the mail pay of Railroads 10 per cent. While the Post Office Department is exacting of the Railroads in- creased facilities, involving increased expenses, Congress cuts down their scanty compensation. A further forced contribution has been levied by Congress upon the Railroads for the support of the U. S. Mail service, by ordering an- other reduction of 5 per cent, of their mail pay. This reduction takes effect July 1st, 1878. A Company, known as the “Altoona Coal and Iron Company,” has been organized under a charter obtained from the Legislature of Virginia, for the purpose of working the valuable deposits of semi-an- thracite coals that are found adjacent to the Va. & Tenn. Division of the A., M. & O. R. R. The location of a Narrow Gauge Railroad from Martin’s Station, — 112 miles west of Lynchburg, — to the coal mines, distant 8^£ miles, is now being made, and as considerable pro- gress has already been made in the development of the mines, the City of Lynchburg, and the section of country traversed by the A., M. & O. R. R., can be supplied with cheap coal of good quality dur- ing the coming winter. 12 receivers’ annual report. The A., M. & O. R. R. and the people along its line will doubtless derive great benefits from the successful working of these mines ; the transportation of these coals will give the Road a new source of reve- nue, while the supply of a cheap fuel must increase the productive capacity of existing manufacturing works, and also result in the es- tablishment of new industrial enterprises, the raw materials being found in great variety and abundance in the section of country tra- versed by the A., M. & O. R. R. The Holston Salt and Plaster Company will be a large consumer of these coals at their works in Washington county, on the “Saltworks Branch” of the A., M. & O. R. R. It is believed, that in the man- ufacture of salt and in the burning of lime, the finer coals can be utilized ; if so, the cost of mining of the marketable coals can be materially reduced. Another Company, known as the “Birmingham Coal and Iron Com- pany,” is prosecuting explorations on the several tracts of mineral lands purchased by it on and near Chestnut Mountain, about six miles east of Lynchburg, and adjacent to the S. S. Division of the A., M. & O. R. R. It is reported that large deposits of so-called steel ores have been discovered on that property. There are few countries that offer greater or more varied induce- ments to capitalists seeking investments, to emigrants in search of new homes, and to manufacturers and miners, than the section of country traversed by the A., M. & O. R. R. , and its western connection, the E. T., V. & G. R. R. Among these inducements may be mentioned, a healthful, equable climate, a fertile soil, abundance of water-power, cheap fuel, both wood and coal of the best quality (bituminous, semi- bituminous and semi-anthracite), good timber, cheap labor and provi- sions, easy access to the markets of the seaports and of the interior, rich deposits of minerals, iron ores of almost every variety, pure magnetic and specular ores, suitable for the manufacture of steel, brown hematites fossil ores, etc., zinc, lead and copper ore, manga- nese, salt gypsum barytes, variegated marble, &c. Geologists have called attention to the fact that, in certain parts of the great Valley of Tennessee, the iron ores of the upper silurian formation are found almost contiguous to the beds of the coal meas- ures. This remarkable formation, resulting from the great throes of the earth in ancient days, is believed to present the most favorable conditions for the cheap manufacture of iron Professor Leslie, one of the most distinguished geologists of Penn- receivers’ annual report. sylvan ia, writes as follows of the mineral resources of East Tennessee : “In the course of time, a thousand collieries will be started on the mountain, and a thousand iron works established on the ores at its foot, a thousand villages, towns and cities will grow up on the broad limestone plain before it, a thousand factories and mills will make the towns hum with life.” It is to be hoped that this prediction may be fulfilled, at least in part, at a day not too far distant. ACCIDENTS. On the 4th of October, 1877, a freshet in Glade Creek, one of the tributaries of the Roanoke River, washed out two bridges (410 lineal feet), and 350 lineal feet of track. The cost of temporary repairs was #930.39. In the latter part of November, the heavy and almost continuous rains for about forty hours, caused the James river to rise at Lynch- burg to a height 22 inches below high-water mark of the great flood of 1870. As in the case of that flood, the wooden county road bridge over James River, at Lynchburg, was washed off its bearings and in an almost solid mass swept down the stream, causing, for the second time, the destruction of two of the A., M. & O. R. R. bridges over James River. 980 lineal feet of bridge superstructure, thirteen hun- dred, lineal feet of embankment, forming the eastern approaches to these bridges, and 1 % miles of track, were washed away by the flood, on the S. S. Division of the A., M. & O. R. R. During the same time there were washed away by the flood, on the Va. & Tenn. Division, sixteen smaller bridges (about 1,047 lineal feet of superstructure), 5,900 lineal feet of embankment, and 7>9°° ^ ee ^ of track. The suspension of the freight traffic, necessitated by these damages, has caused considerable loss of revenue. The total cost of restoring the work injured by the flood, and of making necessary improve- ments, will be about #80,000.00, of which amount #55,156*3° has been expended and charged to operating expenses. The Amherst Toll Bridge Company have erected an iron structure in place of the wooden bridge that has caused the Railroad Company such serious losses, and as the new Railroad bridges over James River have been greatly strengthened and firmly secured to the masonry, it is hoped that any future floods will be less destructive to the Railroad Company’s property. receivers’ annual report. During the winter of 1877-’ 78, the Road has suffered as usual, though not to the same extent, from rock slides 1,600 cubic yards of rock have been removed from slides during the year. On the 15th of January, 1878, Locomotive No. 18, with a freight train, ran into a rock slide on the Blue Ridge mountain. Locomotive and one stock car were thrown from the track and damaged, but not seriously. No train accidents of a serious character have occurred during the year. There has been but one derailment of passenger trains; it was caused by the falling of a brake while the train was approaching a station, and no damage was occasioned by it to the Company’s prop- erty. CONCLUSION. Your Receivers take pleasure in expressing their appreciation of the faithful and efficient services rendered by the officers and employees in all departments of the service. C. L. PERKINS, ) D . HENRY FINK, j Recetvers - receivers’ annual report. 15 No. I. Atlantic, Miss. & Ohio Rail Road Co. Statement of Receipts and Disbursements, from June 13th, 1876 to June 30th , 1878. RECEIPTS. Balance turned over to Receivers, June 13th, 1876, . 64,919 36 Transportation Receipts — Freight, > “ “ Passenger, j 2,261,041 18 “ “ Express, 116,392 08 “ “ Mail Service, 107,805 72 Old and Surplus, Material, 148,631 24 Sale of Securities, 1876, 10,432 50 Traffic Balances — Passengers, 124,184 96 “ “ Freight, 888,715 16 Telegraph Receipts, 530 82 Miscellaneous Receipts, 13,886 80 Receivers’ Collateral Notes, 153,438 34 3,889,978 16 DISBURSEMENTS. Road Department — Labor, 351,153 37 Transportation Department — Labor, 594,787 49 Machinery Department — Labor, 206,140 70 Express Expenses — Labor, 11,835 11 Treasury Department — Sal. and Exp. Gen’l Officers, 77,596 08 “ “ Taxes, 69,397 37 “ “ Law Fees, 44,820 76 “ “ Interest and Discount, . . . 25,232 29 “ “ Loss and Damage, 2,336 06 Construction — Labor, 1,025 36 Construction — Equipment, 18,405 75 Supplies, 924,636 05 Loans, 202,228 55 Interest on Mortgage Bonds, 738,218 10 Incidental Expenses, 3,482 20 Car Hire, 7,598 48 Renewals — New Rails, &c., 545,446 72 Insurance, 3,951 21 Mortgage Bonds paid, 2,850 00 Cash Balance June 30th, 1878, 58,836 51 3,889,978 16 16 receivers’ annual report. No. 2. Atlantic, Miss. & Ohio Rail Road Co. Statement of Receipts and Disbursements, from fuly ist, 1877 to June 30th , 1878 . RECEIPTS. Balance on hand June 30th, 1877, . . Transportation Receipts — Freight, 1 “ “ Passenger, ) “ “ Express, . . “ “ Mail Service, Old and Surplus Material, Traffic Balances — Passengers, .... “ “ Freight, Telegraph Receipts, Miscellaneous Receipts, 50,951 32 1,131,366 16 60,547 44 51,178 82 103,207 01 61,198 62 464,976 53 226 74 8,153 25 1,931,805 89 DISBURSEMENTS. Road Department — Labor, Transportation Department — Labor, Machinery Department — Labor, Express Expenses — Labor, . . Treasury Department — Sal. and Exp. Gen’l Officers, “ “ Taxes, “ “ Law Fees, “ “ Interest and Discount, . . . “ “ Loss and Damage, Construction — Equipment, Supplies, ... . Incidental Expenses, Interest on Mortgage Bonds, . . Receivers’ Collateral Notes, Car Hire, Renewals — New Rail, &c., Insurance, Mortgage Bonds paid, Cash Balance on hand June 30th, 1878, 186,873 04 292,977 57 106,192 71 5,992 56 35,160 92 28,179 24 14,239 19 13,147 54 1,526 34 9,012 00 463,415 21 1,389 09 395,235 98 10,000 00 3,795 57 299,897 96 3,084 46 2,850 00 58,836 51 receivers’ annual report. 17 No. 3 . Atlantic. Miss. & Ohio Rail Road Co. Statement of Liabilities and Resources , June 30 th, 1838 . LIABILITIES. For Receivers’ Certificates — Collateral Loans, . . . 143,800 00 Renewals-New Rails, &c. 98,508 88 Due to Connecting Lines, 5,556 71 Due to Individuals on Open Accounts, 21,029 05 Due on Back Labor Pay-Rolls, unpaid, 78,635 37 June Pay-Rolls, 1878, Due on Receivers’ Pay-Rolls, June 13th, 1876, to 45,562 51 1,412 72 May 3rd, 1878, unpaid, Interest on Funded Debt — January 1, ’74, to January 1, ’76, inc., 5,181 68 July 1, ’76, 466 60 January 1, ’77, 1,032 04 July 1, ’77, 2,994 04 January 1, ’78. 5,593 34 586,072 30 July 1, ’78, 176,299 36 191,567 06 RESOURCES. Cash on hand June 30th, 1878, 58,836 51 Mail Pay, Quarter ending June 30th, 1878, 12,341 24 Due by Connecting Lines, 39,380 31 Due by Individuals on Open Accounts, 1,162 48 Old Rails on hand, value, 41,325 00 Store-house — Supplies in hand, 222,235 98 393,761 68 Due by Agents — Balances in hand, 18,480 16 Excess of Liabilities, June 30th, 1878, .... 192,310 62 18 receivers’ annual report. No. 4. Atlantic, Miss. & Ohio Rail Road Co. Statement showing Divisional and A., M. & O. Bonds on hand and outstanding as Collateral \ June joth, 1878. ON HAND. | N. & P. Division Bonds. First Mortgage, 7 per cent., . . . First Mortgage, 8 per cent., Second Mortgage, 8 percent., .... South Side Division Bonds. 22,000 1,000 2,000 i 25,000 Second Preferred, 6 per cent., .... Third Preferred, 6 per cent., Va. & Tenn. Division Bonds. 17,700 49,400 67,100 Funded Interest, 8 per cent., A., M. & 0. Bonds. First Mortgage, 7 per cent., 5,700 354,000 451,800 OUT AS COLLATERAL. N. & P. Division Bonds. Second Mortgage, 8 per cent., South Side Division Bonds. First Preferred, 8 per cent., Second Preferred, 6 per cent., Third Preferred, 6 per cent., Va. & Tenn. Division Bonds. Fourth Mortgage, 8 per cent., Funded Interest, 8 per cent., A., M. & 0. Bonds. First Mortgage, 7 per cent., 40,000 47.000 22.000 37,800 106,800 31.000 35.000 66,000 120,000 332,800 $784,600 receivers’ annual report. 19 No. 4 — Continued. Atlantic, Miss. & Ohio Rail Road Co. Statement of Bonds deposited with the Safe Deposite and Trust Company of Baltimore , Md ., and subject to the order of the U. S. Circuit Court . a., m. & o. BONDS. 4,030 Bonds of $1,000 each, Nos. 5,170, 5,427 to 9,455 inclusive, . 5,026 Bonds of $1,000 each, Nos. 9,975 to 15,000 inclusive . . . 3 Cancelled Bonds, Nos. 1,398, 1,399, 1,400, of $1,000 each, . One package of Cancelled Coupons from 567 Bonds, Nos. 9,500 to 10,067 inclusive, of January and July, 1872, and January, 1873, One package of Cancelled Coupons, (3,300,) from Bonds Nos. 10,101 to 11,200 inclusive, of April and October, 1872, and April, 1873, 4.030.000 00 5.026.000 00 3,000 00 VA. & TENN. RAIL ROAD CO. 487 First Mortgage Bonds of $1,000 each, due 31st Dec’r, 1872, . 52 8 per cent. Registered Certificates, NORFOLK & PETERSBURG RAIL ROAD CO. 487,000 00 40,002 68 Funded Interest 8 per cent. Bonds — 60 of $500 each, 30,000 130 of $100 each, 13,000 SOUTH SIDE RAIL ROAD CO. Four Bonds of $1,000 each, 43,000 00 4,000 00 20 receivers’ annual report. No. 5. Atlantic, Miss. & Ohio Rail Road Co. Statement of Earnings and amounts charged to Mainte- nance ■, Renewals and Further Construction, from July ist , 1877 to June joth, i8j8. EARNINGS. From Passenger Trains, 447,202 96 “ Tonnage Trains 1,321,472 96 “ Miscellaneous Sources, .... 13,034 10 1,781,710 02 EXPENDITURES. Road Department. For Maintenance, u Renewals, “ Further Construction, . . . 360,289 65 206,596 33 43,561 39 610,446 37 Machinery Department. For Maintenance, 148,124 87 “ Renewals, “ Further Construction, . . . 13,480 12 13,194 10 174,799 09 Transportation Department. For Maintenance, Treasury Department. For Maintenance, 457,234 93 109,095 91 1,351,576 30 receivers’ annual report. 21 No. 6. Atlantic, Miss. & Ohio Rail Road Co. Statement of Earnings from July ist, 1877 to June joth y 1878. SOURCES OF REVENUE. 1 c A £ 1. Passenger Fare. Through, 256,014 06 80,108 63 336,122 69 < & H 2. Mail Service, 49,224 80 Pi J w 1 o z w m 3. Express Freights. Local, . Through, 37,841 28 14,152 94 61,994 22 < Ph 4. Hire of Equipment. Locomotives, \ Cars, . . . . J 9,861 25 in Z 04 f 5. Tonnage Transportation. Local, Through, 791,788 59 526,319 21 1,318,107 80 E- W ' o 6. Passenger Fare, < z z o H 7. Hire of Equipment. Locomotives, ") Cars, . ... J 3,353 96 8. Storage and Demurrage, 11 20 9. Material Trains, 10. Miscellaneous Sources, 13,034 10 Total, 1,781,710 02 — : — =- - . 22 receivers’ annual report. No. 7 . Atlantic, Miss. & Ohio Rail Road Co. Statement of Amounts charged to Maintenance , from July 1 st, 1877 to June 30 th, 1878 . ROAD DEPARTMENT. Graduation, . . . Masonry, . . 26,572 05 FLAQ 7Q Bridge Superstructure, . . O^tu to 1 Q 7 1 Q QQ Ballast, 1 / i y yy 1 9 £AA 0 A Cross-Ties, . . . Rails, 1Z,00U 04 93,639 50 i no Joints, Spikes, .... IO yo 638 30 9 ftQ/l £9 Materials for Switches and Turntables . Z,oo3: DZ 7,370 79 1 OA 1 7Q KQ Labor, .... Miscellaneous, . . . il/U, l/o Do 9 039 ft9 Water Stations, .... z,uoz oz £ qi 0 A A Station Houses, .... 0 , 011 / uo A Q4A A^ Employees’ Houses, . . ©Q9 ftA Engine Houses, .... Car Sheds, oyo ou 292 73 7 A f\A Machine Shops, .... Track, Tunnel and Bridge Watchmen, 306 59 10,153 92 A AAA 9ft Tools and Hand Cars, . . . Cattle Guards, 0,000 zo 544 62 Overhead Bridges and Road Crossings, . . Accidents — great Flood November, 1877 , 870 83 56,368 37 7,260 81 Salaries of Officers and Office Expenses, Total, 360,289 65 MACHINERY DEPARTMENT. Motive Power — Passenger Trains, . . . Rolling Stock — Passenger Trains, . . Motive Power — Tonnage Trains, . . . Rolling Stock — Tonnage Trains, . . . Motive Power — Material Trains, . . . Rolling Stock — Material Trains, . . . Attendant Expenses, Maintenance of Tools and Machinery, . Miscellaneous Expenses, Salaries and Office Expenses, Total, 17,523 37 21,641 26 38,840 58 43,013 38 2,106 73 3,286 06 9,309 94 5,393 05 7,010 50 148,124 87 receivers’ annual report. 23 No. 7 — Continued. TRANSPORTATION DEPARTMENT. Agents, assistants, laborers, watchmen, switchmen and office expenses, 113,771 51 Conductors, enginemen, firemen, brakemen, attendants, lights and fuel, 132,358 81 Cost oi wood and coal, including hauling and handling, 130,623 67 Sawing wood, pumping water and wooding locomotives, 5,906 31 Packing, oil and waste for locomotives, 10,198 15 Waste, oil and grease for cars, 6,628 96 Labor — loading and unloading freights 22,660 47 Hire of rolling stock 6,055 72 Miscellaneous expenses, 6,095 38 Stationery, printing and advertising, 6,199 25 Salaries and office expenses, 16,736 70 Total, 457,234 93 TREASURY DEPARTMENT. ___ , Salaries and expenses, general officers, 36,017 91 Office expenses, general officers, 5,257 38 Taxes, law fees, &c., 45,525 58 Interest — discounts, 13,108 98 Telegraph, 4,254 35 Losses — freights and baggage, 4,426 46 Losses — injuries to persons, 505 25 Total, 109,095 91 RECAPITULATION OF EXPENSES. Road Department, 360,289 65 Machinery Department, 148,124 87 Transportation Department, 457,234 93 Treasury Department, 109,095 91 Total, 1,074,745 36 Atlantic, Mississippi & Ohio Rail Road Company. Statement of Amounts charged to Renewals and Further Construction , from fune 13th , 24 receivers’ annual report. >7 I 6 0 0 . 00 t- 0 ro Ttl © Pi V. OCSIM CCCCrlCOPq 05 © cs w & 1 © 05 © * '^OOOOCO r— l>- K D 1 «2h 0 , . O 0; O - ^ CO © >0 b ^ £ H 1-1 °^ r l. . 05 — kT t/T bp UI ^ Ti C 'duH M -3^3 C . tsJO aj rt t o TP § * c pi W ^ u 0 . P receivers’ annual report. 25 No. 9. Atlantic, Miss. & Ohio Rail Road Co. Comparative Statement of Revenue , from July 1st , 1877 to June jotk, 1878. MONTHS. 1876-’77. 1877- 78. July 120,447 52 133,403 99 August, 153,957 68 184,176 20 September, 177,642 73 185,208 25 October, 203,498 01 193,685 40 November, 198,151 77 161,338 21 December, 131,022 05 162,087 61 January, 109,986 09 142,536 72 February, 137,990 38 117,935 45 March, 131,872 71 129,105 45 April, 124,645 99 126,930 83 May, 123,614 27 125,207 76 June, 128,009 42 120,094 15 Total, 1,740,838 62 1,781,710 02 26 receivers’ annual report. No. io. Atlantic, Miss. & Ohio Rail Road Co. Comparative Statement of Expenses for Maintenance , from July ist, 1877 t° June 30 th, 1878 . MONTHS. 1876-77. 1877-78. July, , 75,609 42 77,500 54 August, 85,179 63 87,544 52 September, 77,961 10 83,630 26 October, 95,668 51 112,613 94 November, 98,244 34 85,607 55 December, 90,311 82 90,717 38 January, 85,486 77 93,419 47 February, 89,122 84 79,288 97 March, 97,379 01 88,204 63 April, 84,613 07 89,670 37 May, 82,278 25 102,587 10 June, 78,544 14 83,960 63 Total for Maintenance, 1,040,398 90 1,074,745 36 Add for Renewals or Extraordinary Expenses, . . . 221,247 53 220,075 45 Total Expenses, 1,261,646 43 1,294,820 81 % Atlantic, Mississippi & Ohio Rail Road Company. RECEIVERS ANNUAL REPORT. 27 °o Oo s o K. oo s 'kT s *s .<5> | * I ^0 § 'Ki 8 so I I •panoray co coco coc^ic •puooag I ^uai'BAinlb^ j joascQcococqNo^oooiM | oo i^XCO^CQCOOOOOOS O 05 )HI>ICCO(NNOOOOH ooooa 5 coo< I~a0030c0i000-'tf; CO eq O t~ O 05 CO ?>ococ^-^c4^oicoc4co •SSBIQ puooag I ^uapBAitibg; j •lunotay TfTtiiMooaiooocowcoQoi ONlOOlOrJt'IMrHOOmc CO O 30 CO CO lO CO 00 I-H 03 C oc-ioDaododcbcbt-^t-c JJCOOOCONOO^NCOHiN i— l 03 CD-'i^05 oj CD lO l>Tl>r | 03 ^ CO 03 CO 03 O r-i -HH t— OOlCOr-MNOO^^COOOCO H fr- CO OrH-^eq 05 ' OJ OOhUIO TSIljJ I H O a) O IN H O o' CC CO IN ^aaiBAinba j jt~cOCNM •^unoray ; jo* paooag ^uei'BAinb^ 1 SJIJ ^uax-BAinba; •88*10 paooag •SS'BIO 1Si]& r--#C 0 O 3 CO^ 5 ^t'COCCCO' OJOOOO oioouocMr-^cq-^t^oaasoso o'bccr- icqi-Tco-^i-rooooo’' T#- -O 05 co^ loco'c^r^oiofolcoclco t^OC 3 iO>t~'Ticooqt~-^ >O05l-HC0£^l0C0C0C0CC00 g £ ao > » a ® a a % 53 © .3 03§ 3 - ©~ „ £? a2 ^ ° g-o t m d 9 3 © © 3 ® cS ©J5 a J2 3 H» < m © & ft 1-3 ^ <1 S t-o Decrease, 28 O Z >> c rt Qh 6 o O Oj O £ ctf & .2 IS O ‘a a ’55 Cf ) "tn co receivers’ annual report. Oo rx s o & k k 8 ,<5> 4! N ■* K Jfc « £ *K» .-3 :^>l>(NCDO> ■^gffi(MMNH«)a>Tt((0(N cO'^o-'^-^t-^ast-t-ogo t~-'g-Jt>co coco o oo eg oq co COHrH OQOOCO iqoo 5 co 83i “ CO CM OO ^ c cocq cq cot- 3®SS Q “ ffl0ft ^ CO 'cH UO CO CO ■^1 _ . _ _ .COI— ICOOO OOCO-^-^ICOt~C5r-H oo t - 1 iO CO c O O c CO 00 r i 1— 1 t- CM iO iO 00 O N^r-lr- icgcot'-oot^uoegcs 0051-OHiOOOOiOHOJOO H CO CO CO O 05 lO O t~ ^ 00 o eg eg co eo*cg eg eg eg eg' r-Trn 85 3 eg co ^^ 0 9(2 0005 C5°o c<,< = :> t~' : ^ ) eg^coocoo5t~-^egegi— ico COi— l05CO-r)Ht~05lOCOCOCOCO ioa)m05T#ocooo-^i>cg h oo rnt- io i-h oq cq eg eg co 05 Os' eg' t-T no 05 rH uO 05 oo oo uo coo 5 ioegt~c ®oeg®oooot-> iOO 5 i-H>LOC 0 t i— it-egoegi-H^ascoioog^ egco c_l Tonnage Engines, 33 1 4 30 2 4 Material Engines 8 8 1 1 Switching Engines, 3 3 rj j > l Total 53 50 Grand Totals 86 2 4 84 RECAPITULATION. ENGINES. On Passenger Service. On Tonnage Service. On Material Service. On Switching Service. Total. Norfolk and Petersburg and south Side Divisions 5 19 4 6 34 Va. & Tenn. Division, 9 30 8 3 50 Totals 14 49 12 9 84 Atlantic, Mississippi & Ohio Rail Road Company. receivers’ annual report. 31 8 *8 8 $ > % V 8 *8 8 0 V, °0 8$ tx. 8 Oq s 1 ^ 'X O k <*> S> S .8 Q *s # JP* 8 Q» x> 8 *8 <50 0 00 00 | 1 T®? 0 ! (NlO(MH(N^H 000® CM j-flS sdtpaaj^ : : : s : 00 H« 00 jaqcan^j o5 t> uapJO (M 'OOOOt- 58 i-s Saiaun”^ -. loeoio* . 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O 0_>0 8 g O O 3cq M oq © 6 £ 3 “^ o o o’ o’ o 6 o o o d°^ o o o ' - 1 o XiTS'C M'd' , ^ r Ci'« r C!'03 r dT3’TJ'aTjT3 aj'-OTS'C j^TJ JS'C • ’E a» 5 2 d mm ,15 H o M C3>^ 5&Q pq^ ; ©4 eo ud frP cd d ©o 2 jd o CO o o H gi go 3J g ® £ 00 o < 36 RECEIVERS ANNUAL REPORT. •oouBaajuiBj\[ jo jsoq pjjox •aoqBX uoqB'q •Binua^K •Joq^T •siBiJOjupi 2 g 1 g £ M •SaKIONa ao saaawnN 8S3SS£gSS8888a§3SS?SSsaS588S$; S 2 IllilSSiSl|!|gll§! 2 |lil 3 i !gg$ggSS8g88S82$;8SS3S88 :8 ! i | p^lgasg^S^S^S^IE 8 * |3 j j s :8g3£§8£S83SgS3S3S38££ t a538 :8 : j ;§S32gg t -g M £'°§ J — :8 I ^s|sgssg|sg S |||||g§| S g£||s 38S38SSSSS5ggS885;^8aS$gfeSg?2g £ M g$gg3g§g8£ggg$gggg§8g£g8 88S2SSSfeggS3^gS88S88SeSS888SS g^ggggg&gggsgggggggggggggg 8 !8fe8S$858S5;S3igSag2g2SSSfcSSS ^ Issaa^^^sa&ss^s^ssssssiss -o V P _C 4—> •jopuoj, puB ouiSu'q jo jqSpAi ssoao : iiiiiiiiiiiiiisiiiiiiiiiii ! o" SoS| o* S o3§S 3 ; o' 8 o* S § ®* 8 ®* S o' 8 ®" S S i c o U •JOpjQ Sutuuivjj ut ‘spunox UI oursaa JO jqSp^ liiiiiiiiiiiiiiiiiiiiiiin ! S888’$£SS3gS33gS8£g58SS3SS3 j 1 vd •saqouj — oqoijg jo qjSaorj e3©i©]©i©J©5cS©]c5 6 O 2-C ©=> =3 3S« STJ'C =i » QS^>-s-0 0' 0 o q.'© 3TITI OTJ’d vr3 immmi jmmim d : : : : : • I : : I o o © o ooooooooooooooooooo £H©©J r ©'©'©' P .S *+2 C O U VO HH 6 a i-H :oco sxbq aSBSSBg pUB I93U9SSBJ • -ooo^r-i^o : : rH lO oo 10 H CO : :coMCM ; -COT— iCOiO csj CO CO : r— iC^lr-HCvlCviT-HT-Hr- ir »rH .^COCOb 0 00(NCOCOCOH(NHNr SoicSasCvlrHiMOOOtOaTHrHiO^COi 'i'N 05 H 05 05 HHTjit* 0 joc 0 ON 0 i(N< ^©S^rHrHcSl C^T-HCOiOCOiO»OCO<» (NONhOOnO » I— © toi^© tocq^(MCqOJCOOCCNr 1 to to CM LO to 00 rH CO CO 05 CO 05 05 CM 00 © Lft 'CO M r-< «0 CO©iOC©C£>i'-OOt'-©i>-tO©COrHi-^CO©© ©COC X.T J ^T 1 VJ J I.'- '-'Si ^ J w - XT’* T— I CM 1X3 T— I MOJCgHOf^Tt'NinH r— i i-H © r-H CM CO 00 iO 00 <*0 CO CM ^ CM Tfi CO CO »0 CO ; © ©didasd© CNOOO •SJIBd8>T ’XaBuiaao 00 tO 000 l >«0 iouoo^nv: ©i CO ©00 8 S 83853 to 00 CO -r OC CC to Oi ".■> O Ot-OOJNCO/* ^HiCrHCqcO )iO(MC ) Oi l>- ai H c<5 CO ) #®0-#IMN(N®T)I OdiO©COi— iejoqi-;iOt~;©rHrHr'J c 4 '>^’^HT-HrHo 5 d'NrHrHr-H«05®OI>ONiHO< iiO©CO©t- as co or 05^1-H ‘add t- LO CO to ®'®‘®HdoTo’rH — or -i* — .coio-Mtoeo.— -too; o IHMIN®©®® f CO^0(^O0_QO_-^r' I— T ol id d id to N"*rtN cot- lOrH odd 05 CO jad un jj saiij\[ SSS£S23§gg5gfe§38$8i8g2£3$38$£fe3 ^^SSs3S§31SS33SliSSSlS§sSS 117.57 ' 1*00 jo uox J0d un'jj sajip\[ 3 •feteSfcSfcrSPoooQcocoooiO'+ios'aDooeoo^^O'O ?o oo ;05cocq'^o«qooq -^i— ^©ooioiNO'^oofflr- i-^?o 3 It~°ot~cO' — icocot~ooi— 'odor-^tr^t^-^HasCTii— icsicsi — 'ooh CO ; to 04 0 $ to CO CO <0* O* CO lO tO lO 04 o?o«dic<^3>©iotoioHiq«-^(NCl0010©COCOCOOJ©iH SlxNHC^ oocoo4cliooioc4c4c4rHic?otdc '- H 'O l P>'^cO'!t;eorHcqc'!t | t'-ooi : ocot*-! 1.71 •SUTU’BaiQ C s 3c01>;05t>.0i00000i0000t~t~t^cri0i00056i0i0100 00oco0 CDOOOOOOOOOOOOOOOOOOOOOOCOO 0.82 © H tS®' ©•- sS’gS •r« © c 3 a> w- 2 K a sa o s & <£>©>£■- uOtCOoScBSc OO 00 !>- 00 t- OO -rj. o 00 r rHtV^n'oq ” * ~ *_ uo to o^ed cat- - UO to ^OtONMOlOOJHCClOKt 50000 -^^t~t-t 00000 '^< 0 -^- §sgsss? 8 s^saMs’ 8 J ^hhhcocojOcoco^t^^oo: CDOHN(MHtI<(NC»l>*CiCO'^'^OOCiOiC5i ^ »o <© o ^ ift O r ^ ^ uu IX J au TT C'-J OO acxoao^o.-* OQO I.... •^lO’tO'^tO' Atlantic, Mississippi & Ohio Rail Road Company. receivers’ annual report. 41 42 receivers’ annual report. T3 V p c 'Zj c o u 6 COMPARATIVE COST IN CENTS. •un^ QXi P\T J9<1 }SOQ IB^OX ^ ir- 05 c£> CO t-H O O 08 0 ••ioqua o o o o 0 02 •asisaxQ piTB HO 0 12 0 03 0 02 0 03 •saredea £xea -ipjo'eijxg; 0 13 0 22 0 18 •sjindaxj i£j'eaipjQ 1 36 0 50 0 37 0 57 MILES RUN. •sa aiq 3UIJ09UU0Q J8A0 SJ^O *o v w “v 1,176,241 CD u- •saoisiAid •g *g pii'B J8AO sxe o a 13 A a O 05 IT. t-H 05 r- 05 !>; lO 05 * s § 8 £ .8 >3 sg <3 k 1 I ^ . •s ^ ■a '$ ^ - 1° * ^ I ^ .8 • ^ .JNk £ 8 ^ k <$ >a 1 8 >1 t si .f v § • TS> ■» ^ s g ss . *"Tj -W ® flD £ dq«m if o o © c.2 c H° eg =3 § 8 § cq ic co 8 8 o 00 eo 00 J8A0 8JBQ ?o qj n H co 00 § '0 3TI “V *a ^ Oi iO rH CO S3 && Oh s o •ana ©lip^ lad iso'o [BJOX 1 04 0 56 0 07 09 0 § § j O uoq'B'i O O • O •88B0J£) 00 CO 000 £ pan no ‘©Jsb^ 000 O •SJiBdaa rH lO ! rH O 0 Ajbu -ipJOBJ^Xg O O • 0 •SJiBdaa C